PROSPECTUS 

OF 

MATTAMUSKEET 
RAILWAY 
COMPANY 


PROSPECTUS 


°lr" 


cv^XTa 


OF 


MATTAMUSKEET  RAILWAY  COMPANY 


OFFICERS. 

S.  S.  MANN,  President Swan  Quarter,  N.  C. 

C.  W.  DAVIS,  Vice-President Engelhard,  N.  C. 

GEO.  I.  WATSON,  Secretary  and  Treasurer Wysocking,  N.  C. 


DIRECTORS. 

H.  C.  CARTER   Fairfield,  N.  C. 

T.  H.   B.  GIBBS Fairfield,  N.  C. 

C.  E.  MANN    Middleton,  N.  C. 

GEO.   L.   SWINDELL Belhaven,  N.  C. 

STATE   PROXY. 
SAMUEL  A.  WINDLEY Lake  Landing,  N.  C. 


RALEIGH,  N.  C. 

Presses  of  Edwards  &  Broughton  Printing  Co. 

1909 


Digitized  by  the  Internet  Archive 

in  2011  with  funding  from 

University  of  North  Carolina  at  Chapel  Hil 


http://www.archive.org/details/prospectusofmattOOmatt 


PKOSPECTUS 

OF 

Mattamuskeet  Railway  Company 


HISTORY. 


This  company  was  chartered  by  the  General  Assembly  of 
North  Carolina  on  the  6th  day  of  March,  1907,  and  was  for- 
mally organized  at  Swan  Quarter,  1ST.  C,  on  the  12th  day  of 
May,  1907,  by  the  election  of  a  Board  of  Directors  composed 
of  G.  Brinn,  H.  O.  Carter,  Geo.  J.  Studdert,  Geo.  T.  Leach, 
A.  S.  Gibbs,  Geo.  I.  Watson,  C.  W.  Davis,  J.  B.  Baum,  J.  W. 
Oden,  T.  H.  Jennett  and  C.  E.  Mann,  and  commenced  busi- 
ness with  a  stock  subscription  list  amounting  to  eleven  thou- 
sand and  four  hundred  dollars. 

H.  C.  Carter,  of  Fairfield,  1ST.  C,  was  elected  president, 
Geo.  I.  Watson,  vice-president,  and  C.  W.  Davis,  secretary 
and  treasurer.  Application  was  at  once  made  to  the  Board  of 
Directors  of  the  State  Prison  for  convicts,  with  which  to  grade 
the  road,  and  the  first  work  was  begun  on  the  14th  day  of 
Aug.,  1907.  The  work  of  grading  has  been  carried  on  con- 
tinuously since  that  date  until  there  has  now  been  graded  be- 
tween Fairfield,  !N".  C,  on  the  north  side  of  Mattamuskeet 
Lake,  around  the  east  and  south  sides  of  said  lake,  through  the 
towns  of  Engelhard,  Middleton,  Wysocking,  Juniper  Bay, 
Swan  Quarter,  Rose  Bay,  Scranton  and  Leechville,  N.  C, 
toward  the  proposed  terminus  at  Belhaven,  ]ST.  C,  51  1-2 
miles  of  a  splendid  roadbed.  This  includes  2  9-10  miles  spur 
track. 

Of  the  sixty  and  one-half  miles  between  the  towns  of 
Fairfield  and  Belhaven,  which  is  the  terminus  of  the  Norfolk 
and  Southern  Railroad  on  Pungo  River,  there  remains  now 
only  12  1-2  miles  of  main  line  roadbed  to  be  constructed. 


4  Prospectus  Maitamuskeet  Railway  Co. 

The  present  officers  of  the  corporation,  elected  May  12, 
1908,  are  S.  S.  Mann,  president,  Swan  Quarter,  N.  C. ;  C. 
W.  Davis,  vice-president,  Engelhard,  1ST.  C. ;  Geo.  I.  Watson, 
secretary  and  treasurer,  Wysocking,  N.  C. ;  H.  C.  Carter, 
Fairfield,  N.  C. ;  C.  E.  Mann,  Middleton,  ET.  C. ;  G.  L.  Swin- 
dell, Belhaven,  N.  c. ;  T.  H.  B.  Gibbs,  Fairfield,  N.  C, 
directors;  Samuel  A.  Windley,  State  proxy,  Lake  Landing, 
N.  C. 

There  has  been  issued  ....  certificates  of  stock,  represent- 
ing   shares  of  which  380  shares  of  stock  have  been 

issued  to  the  State  of  North  Carolina,  the  State  now  owning 
a  considerable  majority  of  the  aggregate  of  stock  now  paid  in. 
Said  shares  are  in  denominations  of  $100.00  each. 

The  original  charter  of  the  company  is  contained  in  chap- 
ter .  .  .  .,  Laws  1907,  and  to  this  reference  is  made  for  infor- 
mation as  to  the  authority  for  working  convicts  and  the  terms 
upon  which  the  State  provides  them,  and  is  compensated  for 
them. 

PLANS,  PURPOSES  AND  HOPES. 

The  present  plan  of  the  management  of  the  company  is  to 
complete  the  construction  of  its  roadbed  into  the  town  of  Bel- 
haven,  N.  C,  and,  if  sufficient  capital  can  be  secured  for  that 
purpose,  the  construction  of  its  roadbed  over  the  most  direct 
practicable  route  to  Washington,  N.  C.  Under  favorable 
conditions  the  work  of  grading  roadbed  can  be  completed  to 
Belhaven,  N.  C,  by  May  1,  1909. 

The  original  object  sought  in  securing  the  charter  for  this 
company  was  to  furnish  outlet  for  the  magnificent  agricul- 
tural resources  of  the  county  of  Hyde,  and  the  eastern  part 
of  Beaufort  County ;  also  to  furnish  quick  and  prompt  trans- 
portation for  the  multitudinous  products  of  Pamlico  Sound 
and  its  tributaries  as  well  as  to  aid  in  the  development  of 
Eastern  North  Carolina  as  a  great  trucking  section. 

At  the  time  of  its  organization  the  importance   of  this 


Prospectus  Mattamuskeet  Railway  Co.  5 

project  to  the  State  of  North  Carolina  as  an  investment,  and 
as  a  developer  of  the  State's  own  resources,  had  not,  perhaps, 
occurred  to  its  promoters. 

It  will  be  shown  under  the  division  entitled  "Ilesources," 
what  this  project  means  to  the  State  of  North  Carolina  in 
various  ways. 

*  *  *  *  *  *  *■ 

It  is  the  hope  of  the  management  and  stockholders  to  be 
able  to  finance  and  equip  this  road  in  its  entirety  within 
twenty-four  months.  It  would  be,  from  the  standpoint  of  an 
investment  to  those  whom  we  hope  to  induce  to  take  stock  with 
us,  from  this  time  forward,  much  better  to  secure  a  paid-in 
capital  stock  of  $350,000.00  than  to  issue  bonds  on  which 
interest  would  have  to  be  paid,  thus  diverting  for  the  pay- 
ment of  interest  the  profits  of  the  road  that  should  go  as  divi- 
dends into  the  pockets  of  the  stockholders. 

It  is  the  decided  opinion  of  the  management  of  this  road 
and  those  who  have  most  carefully  studied  the  possibilities, 
from  the  standpoint  of  the  best  interest  of  the  State  of  North 
Carolina  and  that  of  the  private  stockholders  and  of  the  sec- 
tion to  be  most  benefited  and  developed,  that  the  General  As- 
sembly of  1909  should  not  hesitate  to  amend  the  charter  of 
the  company,  so  it  may  be  allowed  to  issue  bonds  to  the 
amount  of  $350,000.00,  if  necessary,  securing  same  with  a 
first  mortgage  on  all  the  resources  of  the  road  and  all  the 
equipment  purchased  for  its  operation,  making  the  State  in 
the  last  instance  a  guarantor  of  the  payment  of  its  bonds,  the 
first  of  which  should  be  made  payable  at  the  end  of  a  period 
of  ten  years  from  date  of  issuing,  and  to  be  paid  at  the  rate 
of  $25,000.00  per  year  until  the  full  issue  has  been  retired. 

These  bonds  should  be  made  attractive  as  a  popular  invest- 
ment and  should  be  in  denominations  as  small  as  $50.00  each. 

With  the  State  as  the  guarantor  of  these  bonds,  there  would 
be  no  difficulty  in  disposing  of  the  same  to  citizens  of  North 
Carolina  at  a  premium.     The  discretion  as  to  the  amount  of 


6  Prospectus  Mattamuskeet  Hallway  Co. 

bonds  needed  to  be  sold  at  any  particular  stage  of  the  work, 
should  be  left  with  the  Council  of  State,  and  the  sale  of  bonds 
controlled  by  the  treasury  department  of  the  State. 

The  State  of  North  Carolina  having-  a  direct  pecuniary 
interest  in  this  railroad  (it  will  be  a  stockholder  to  the  amount 
of  at  least  $50,000.00  at  completion  of  construction  of  road- 
bed) such  an  issue  of  bonds  would  not  be  repugnant  to  the 
provisions  of  section  4  of  article  5  of  the  Constitution  of 
North  Carolina. 

The  direct  benefits  accruing  to  the  State  from  the  comple- 
tion of  this  work  and  the  development  of  the  State's  interest 
in  Eastern  North  Carolina,  will,  we  believe,  appear  to  the 
satisfaction  of  the  members  of  the  General  Assembly  under 
the  division  entitled,  "How  the  State  of  North  Carolina  will 
be  benefited  by  the  Completion  and  Successful  Operation  of 
the  Mattamuskeet  Railway  Company." 

WILL  IT  PAY? 

The  importance  of  Hyde  County  as  railroad  territory  has 
been  overlooked  to  a  great  extent  because  of  fact  that  nearly 
three-fourths  of  the  county  line  is  a  water  line.  The  county 
is  a  peninsula,  seven-eights  of  its  territory  being  embraced 
by  the  waters  of  Alligator  River,  Pamlico  Sound,  Pungo 
River  and  its  tributary  creeks.  Its  water  facilities  put  the 
shipping  points  of  Fairfield,  Engelhard,  Wysocking,  Juniper 
Bay,  Swan  Quarter,  Rose  Bay,  Germanton,  Sladesville, 
Makelyville  and  Scranton  almost  equidistant  from  the  mar- 
kets of  Elizabeth  City,  New  Bern,  Washington  and  Belhaven 
and  have  caused  its  products  to  be  carried  noiselessly  in  sail 
vessels  and  distributed,  almost  impartially,  among  the  mar- 
kets named  and  furnish  the  reason  why  the  mangnitude  of  its 
resources  has  never  been  exploited  in  the  interest  of  any  rail- 
road scheme. 

When  attention  is  called  to  the  fact  that  the  large  and  com- 
modious steamer  "Alma"  carries  the  greater  per  cent  of  the 


Prospectus  Mattanmskeet  Railway  Co.  7 

products  of  the  rich  township  of  Fairfield  to  Elizabeth  City, 
making  one  trip  a  week  throughout  the  year,  and  in  good 
crop  seasons  two  trips  a  week  during  the  business  season, 
often  towing  other  loaded  transports,  and  that  the  Fuerstein 
line  of  gas  boats,  running  tri-weekly  from  Engelhard  to 
Elizabeth  City  the  year  round,  together  with  six  sail  vessels 
with  an  average  net  tonnage  of  twenty-five  tons  each,  dis- 
tribute the  products  emanating  from  Engelhard  and  Middle- 
ton  among  the  towns  of  Elizabeth  City,  New  Bern  and  Wash- 
ington ;  that  two,  and  during  business  seasons,  four  vessels  of 
equal  tonnage,  divide  the  trade  from  Wysocking,  N.  C,  be- 
tween the  towns  of  New  Bern  and  Washington ;  that  two  sail 
vessels  averaging  the  same  tonnage,  run  regularly  from  Juni- 
per Bay  to  Washington  and  New  Bern ;  that  three  sail  vessels 
averaging  twenty  tons  each  carry  the  products  of  Swan 
Quarter  Township  from  Swan  Quarter  and  Oyster  Creek  to 
Washington,  N.  C. ;  that  two  vessels  with  an  average  tonnage 
of  fifteen  tons  each,  run  regularly  from  Rose  Bay,  jNT.  C. ;  that 
four  vessels,  averaging  twenty  tons  each,  carry  the  produce 
of  Currituck  Township  from  Grermanton,  Sladesville  and 
Scranton,  N.  C. ;  that  two  steam  vessels,  the  "Blanche"  and 
the  '"Hatteras,"  touch  daily  at  Makelyville,  N.  C,  and  that 
one  vessel  of  twenty-tons  carrying  capacity  makes  weekly 
trip  from  Leechville,  N.  C,  to  Washington,  and  that  all  the 
above-mentioned  sail  vessels  will  average  one  trip  a  week  for 
the  season  beginning  September  1,  and  ending  April  1,  the 
figures  and  estimates  which  follow  will  not  be  surprising. 

Besides  the  vessels  of  heavier  tonnage  above  mentioned, 
there  are  innumerable  smaller  vessels  and  gas  boats  that 
touch  irregularly  at  many,  if  not  all,  of  the  points  above 
named,  carrying  passengers  and  miscellaneous  cargoes  of 
lighter  freight,  the  amount  of  which  can  not  he  easily  cal- 
culated, but  which  in  the  aggregate,  is  enormous. 

Attention  is  again  called  to  the  fact  that  the  people  of  Hyde 


8  Prospectus  Mattamuskeet  Railway  Co. 

County  and  eastern  Beaufort  County  buy  their  groceries, 
dry  goods  and  general  supplies  from  about  seventy  merchants, 
whose  stores  are  distributed  over  the  whole  of  the  territory  to 
be  traversed  by  the  Mattamuskeet  Railway  Company. 

So  much  for  the  area  of  agriculturial  products  and  mer- 
cantile traffic  as  a  resource  for  the  railroad.  Now  let  us  take 
any  good  map  of  North  Carolina  and  draw  a  line  from 
Stumpy  Point  in  Dare  County  across  the  northern  end  of 
Pamlico  Sound  to  New  Inlet,  also  another  line  from  Pamlico 
Point  in  Pamlico  County  across  the  south  end  of  the  Sound  to 
the  light-house  at  the  north  end  of  Core  Sound  and  on  to  Ports- 
mouth Island,  and  you  have  a  territory  with  an  area  of  about 
1,200  square  miles,  that  is  richer  in  possibilities  of  paying 
traffic  for  a  railroad  than  any  other  inland  water  area  on  the 
Atlantic  Coast,  except  Chesapeake  Bay. 

When  you  realize  that  every  square  mile  of  the  Sound  bot- 
tom of  this  area  belongs  to  the  State  of  North  Carolina,  it 
can  be  seen  what  the  Mattamuskeet  Railway  Company  means 
as  a  State  investment,  but  the  importance  of  this  project  to 
the  State  at  large,  will  be  treated  in  another  division. 

Before  figuring  on  possibilities  of  profit,  the  following- 
quotation  from  an  address  delivered  by  Mr.  J.  O.  Wright, 
Chief  Drainage  Engineer  of  the  U.  S.  Agricultural  Depart- 
ment, at  a  Farmers'  Institute  at  Swan  Quarter,  N.  C,  on  the 
30th  day  of  September,  1908,  will  be  interesting  and  in- 
structive. 

Mr.  Wright  said : 

"The  last  census  shows  that  Hyde  County  contains  1,061 
cultivated  farms.  The  average  size  of  these  farms  is  87 
acres.  The  value  of  the  land  alone  is  $1,084,230.  The  im- 
provements are  worth  $342,700  ;  the  live  stock  $130,125,  and 
the  farm  products  not  fed  to  stock  $235,525. 

"The  area  of  the  county  is  247,680  acres.  If  it  were  all 
drained  and  cultivated  as  it  can  be  and  it  produced  corn  at 
40  bushels  to  the  acre  it  would  yield  9,907,200  bushels.     If 


Prospectus  Mattamuskeet  Railway  Co.  9 

this  were  loaded  in  box  cars  at  400  bushels  per  car,  it  would 
require  24,768  cars  to  haul  the  product  away.  Allowing-  23 
cars  to  a  train  and  running  three  trains  a  day,  it  would  re- 
quire one  year's  time  to  remove  the  crop.  Selling  this  corn 
at  60  cents  a  bushel,  it  would  bring  a  revenue  to  the  county 
of  $5,944,320." 

In  the  following  figures  and  estimates  we  propose  to  be 
even  more  conservative  than  Mr.  Wright  and  base  our  calcu- 
lation for  profitable  business  for  a  railroad  on  the  actual 
area  of  cultivated  lands  with  a  fair  average  yield.  1,061 
farms  averaging  87  acres  to  the  farm,  gives  the  area  of  im- 
proved and  cultivated  land  as  92,307  acres.  A  fair  average 
yield  for  this  land  in  corn  is  25  bushels  to  the  acre  and  we 
have  a  possible  yield  of  2,307,675  bushels.  Allowing  one- 
third  of  this  amount  to  remain  on  the  farm  for  maintenance 
and  we  have  remaining  a  surplus  for  shipment  1,538,450 
bushels. 

It  costs  the  farmers  of  Hyde  County  from  five  to  seven 
cents  per  bushel  to  get  their  grain  to  market ;  four  cents  per 
bushel  from  points  where  there  is  no  lightering  to  do  with 
smaller  boats,  five  to  seven  cents  a  bushel  where  the  grain 
has  to  be  carried  in  small  boats  to  the  larger  ones  and  there  is 
canal  toll  to  pay.  Certainly  if  they  could  get  their  grain 
marketed  cheaper,  say  at  four  cents  a  bushel,  and  one-half  the 
hauling  saved,  then  a  railroad  would  get  the  business.  At 
four  cents  a  bushel  in  seasons  of  fair  production  it  would  cost 
the  farmers  of  Hyde  County  $61,538.00  to  market  a  surplus 
of  a  fair  corn  crop. 

We  would  be  even  more  conservative  than  this  and  say  that 
to  successfully  compete  with  the  sail  vessels  and  secure  the 
business  of  carrying  these  crops,  the  railroad  would  have  to 
make  a  rate  of  three  cents  per  bushel.  At  three  cents  per 
bushel  to  market  1,538,450  bushels  of  corn  would  bring  to 
the  railroad  a  revenue  of  $46,153.50.  When  we  consider 
that  it  takes  22  vessels  with  an  average  tonnage  capacity  of 


10  Prospectus  Mattamuskeet  Railway  Co. 

25  tons,  3  steamers,  one  making  weekly  and  semi-weekly 
trips,  and  two  making  daily  trips  (one  gas  boat  line  making 
tri-weekly  trips  and,  perhaps,  100  vessels  ranging  from  10 
tons  down  to  move  the  farm  products  of  Hyde  County,  no  one 
will  dispute  the  proposition  that  $45,000  for  moving  the  agri- 
cultural products  of  Hyde  County,  is  rather  below  than  above 
the  actual  figures. 

For  proof  that  the  estimate  of  1,538,450  bushels  is  not  a 
bumper  crop  for  Hyde  County,  we  have  the  following  statis- 
tics gathered  at  expense  of  considerable  labor  and  some  pains 
as  to  accuracy. 

The  22  sail  vessels  which  trade  the  year  round  from  Hyde 
County  ports,  have  an  average  carrying  capacity  of  1,000 
bushels  of  corn  each,  or  22,000  bushels  for  a  single  trip. 
These  vessels  make  an  average  of  one  trip  a  week  for  seven 
months  in  the  year,  which,  if  all  their  freights  were  corn, 
would  make  a  total  during  the  business  seasons  of  600,1G0 
bushels.  For  the  remaining  five  months  *of  the  year  these 
vessels  will  average  two  trips  a  month,  and  during  the  com- 
paratively idle  season,  if  all  their  freights  were  corn,  the  total 
would  amount  to  200,020  bushels,  making  a  grand  total  of 
836,000  bushels  carried  in  sail  vessels,  whose  trips  average 
less  than  one  a  week  for  the  year  round.  When  we  add  to 
these  figures  the  amount  of  farm  products  carried  by  the 
steamer  "Alma"  making  one  trip  a  week  the  year  round  and 
two  trips  a  week  during  the  business  season,  the  business  sea- 
son being  from  September  1st  to  April  1st,  in  good  years,  the 
amount  carried  by  the  Fuerstein  Gas  Boat  Line  making  tri- 
weekly trips,  and  the  freight  of  the  steamers  "Blanche"  and 
"Hatteras,"  with  the  gas  boat  line  from  Leechville,  1ST.  C,  to 
which  is  to  be  added  products  carried  by  the  smaller  classes 
of  vessels,  the  statistics  of  which  it  is  impossible  to  gather ; 
the  estimates,  which  we  have  based,  for  convenience,  on  a 
corn  crop  alone,  will  not,  we  believe,  appear  extravagant, 
even  to  the  most  critical. 

When  we  direct  attention  to  the  well-known  fact  that  of 


Prospectus  Mattamuskeet  Railway  Co.  11 

recent  years  the  pea  crop  which  is  sowed  in  the  corn,  at  its 
last  plowing,  and  the  soja  beans  that  are  planted  between  the 
hills,  thousands  of  bushels  of  which  are  shipped  from  Hyde 
County  in  the  most  unfavorable  seasons,  we  believe  the  meas- 
ure of  the  above  estimates  is  more  than  made  good. 

Again,  when  it  is  considered  that  well  diversified  and  bal- 
anced crops  furnish  to  transportation  companies  (  freights 
that  are  much  more  remunerative  than  corn,  and  that  the 
people  of  this  county  are  rapidly  learning  the  value  of  diver- 
sification, and  when  it  is  remembered  too  that  the  largest 
yields  of  corn  are  frequently  made  from  crops  following  Irish 
potatoes  and  winter  oats,  and  that  often  three  crops  of  readily 
salable  garden  products  are  gathered  in  one  year  from  the 
same  area,  we  believe  that  no  one  will  quarrel  with  the  figures 
above  offered  for  the  consideration  of  investors  in  the  capital 
stock  of  our  company. 

A  careful  estimate  of  the  passenger  traffic  emanating  from 
Hyde  County,  which  would  necessarily  be  given  to  our 
railroad  company  has  caused  us  to  determine  on  $7,000  as  the 
amount  which  we  could  certainly  expect  to  receive  out  of  our 
first  year's  business,  though  we  have  reason  to  believe  that 
the  revenues  from  passenger  traffic  will  easily  exceed  that 
amount. 

The  proofs  we  will  offer  as  a  basis  for  this  estimate  are 
these:  The  steamer  "Alma",  running  from  Fairfield  to 
Elizabeth  City  and  requiring  a  day  and  night,  or  twenty-four 
hours  for  the  trip  and  at  the  rate  of  $1.50  single  fare,  carried 
to  and  from  Fairfield,  N.  C,  from  October  1,  1905,  to  Sep- 
tember 30,  1906,  430  passengers ;  from  October  1,  1906,  to 
September  30,  1907,  436  passengers;  from  October  1,  1907, 
to  September  30,  1908,  496  passengers.  The  Fuerstein  line 
from  Engelhard  to  Elizabeth  City,  with  a  single  fare  of  $1.50 
carried  from  and  to  Engelhard,  N.  C,  from  October  1,  1907, 
to  September  30,  1908,  500  passengers.  The  steamer  "Calu- 
met" *  *  *  during  the  year  1901,  with  a  single  fare 
passenger  rate  of  $1.50  from  Swan  Quarter,  ~E.  C,  to  Wash- 


12  Prospectus  Mattamuskeet  Railway  Co. 

ington,  N.  C,  is  said  to  have  carried  2,200  passengers.  The 
gas  boat  "Nydia,"  during  the  four  months  of  the  year  11)05, 
with  a  single  fare  rate  of  $1.50,  carried  1,300  passengers. 
The  steamer  "Hatteras"  from  Makelyville,  ]Sf.  C,  to  Wash- 
ing-ton, ]ST.  C,  during  the  year  11)07,  with  a  single  fare  rate 
of  $1.00  carried  3,300  passengers. 

From  these  figures  it  can  be  easily  estimated  that  the  reve- 
nue from  passenger  traffic  for  a  railroad  would  not  fall  far 
below  $10,000,  after  a  few  years  of  development,  and  that 
our  estimate  of  $7,000  for  the  first  year  is  very  reasonable. 

The  people  of  Hyde  County  are  said  to  travel  more  in 
proportion  to  their  population  than  those  of  any  county  in  the 
State. 

Some  time  during  the  late  months  of  the  Jamestown  Expo- 
sition, it  was  learned  from  an  examination  of  the  register  in 
the  North  Carolina  Building,  that  more  people  from  Hyde 
County  had  registered  to  that  date  than  from  any  other  county 
in  the  State  of  North  Carolina. 

A  careful  and  conservative  estimate  of  the  amount  of  mer- 
chantable timber  along  the  route  of  the  Mattamuskeet  Rail- 
way Company,  gives  us  in  round  numbers  about  200,000,000 
feet.  With  this  much  of  merchantable  timber  to  start  with 
and  taking  into  consideration  the  reproductive  capacity  of 
timber  lands  of  Hyde  County,  with  the  added  fact  that  every 
sawmill  in  the  county  of  any  magnitude,  has  been  dismantled, 
we  believe  the  Mattamuskeet  Railway  Company  can  safely 
count  on  hauling  25,000,000  feet  of  timber  per  year,  which 
at  the  rate  of  fifty  cents  per  M,  would  bring  a  revenue  of 
$12,500. 

The  sail,  steam  and  gas  boat  lines  trading  from  the  differ- 
ent points  of  Hyde  County  bring,  on  their  return  trips,  goods 
in  bulk  for  the  merchants,  fertilizers,  farming  implements, 
dressed  lumber,  coal,  and  farm  supplies  to  such  an  exrent 
that,  we  are  reliably  informed,  gives  the  carriers  back  freight 
variously  estimated  at  from  one-half  to  three-fourths  the 
value  of  the  outsroins  freight. 


Prospectus  M attain tiskeet  Railway  Co.  13 

We  have  classified  this  as  follows : 

Back  freights  on  merchandise  to  sixty  or  more  merchants 
and  traders,  $10,000.  Back  freights  on  farm  supplies, 
$5,000.  When  we  remember  that  the  carriers  get  one-third 
the  railroad  freights  on  all  goods  shipped  from  the  north  of 
Norfolk  and  Suffolk,  and  one-half  the  railroad  freights  on  -ill 
goods  shipped  from  Norfolk  and  points  south  of  these  cities, 
we  believe  we  are  within  bounds  in  making  this  estimate. 

The  master  of  one  sail  vessel  preserved  for  one  season, 
from  first  of  September  to  April  first,  statistics  of  supplies 
purchased  by  him  for  his  farmer  customers  and  the  amount 
for  the  period  named  was  more  than  $15,000.  The  estimate 
of  revenue  to  be  derived  from  freights  on  poultry,  eggs, 
dressed  beef  and  pork  has  been  put  at  $5,000.  When  it  is 
considered  that  the  poultry  and  egg  trade  of  Hyde  County 
brings  more  revenue  to  the  County  of  Hyde  than  its  cotton 
crop,  we  believe  this  to  be  a  very  conservative  estimate. 

The  following  quotation  from  the  News  and  Observer,  of 
January  21,  1909,  is  pertinent  in  this  connection. 

"Caj^t.  Edward  L.  Silverhorn,  of  the  schooner  Annie  Ed- 
wards, which  has  a  regular  run  between  this  port  and  points 
in  Hyde  County,  arrived  at  the  Eobinson  dock  this  morning 
from  Engelhard  loaded  with  cotton,  poultry,  eggs  and  other 
produce.  Particularly  noticeable  in  the -cargo  was  the  great 
number  of  eggs  and  upon  inquiry  the  captain  told  your  cor- 
respondent that  he  had  over  a  thousand  dozen  on  board.  He 
further  stated  that  this  was  no  .unusual  occurrence  with  him, 
as  he  frequently  brought  up  larger  lots  than  this  and  that  the 
raising  of  chickens  and  selling  of  eggs  had  become  one  of  the 
most  profitable  and  largest  industries  with  the  industrious 
people  of  Hyde  County. 

"The  lot  of  eggs  was  sold  in  the  local  market  and  brought 
29  cents,  which  is  high. 

"The  eggs  were  owned  by  a  number  of  individuals,  one 
man  alone  receiving;  over  one  hundred  dollars  on  his  lot.'' 


14  Prospectus  M attamuskeet  Railway  Co. 

The  oyster  and  fish  trade  will  have  to  be  developed,  but  the 
railroad  can  certainly  count  on  a  revenue  of  $2,500  from 
each  of  these  items. 

COST  OF  OPERATION. 

The  estimate  of  cost  of  operation  of  a  freight  train  offered 
before  the  legislative  committee,  having  for  consideration  the 
bill  regulating  passenger  and  freight  rates  for  the  railroads 
of  North  Carolina,  in  the  Legislature  of  1907,  put  the  cost 
of  operating  and  maintainance  of  freight  trains  at  $1.00  per 
mile.  We  believe  that  the  cost  of  operating  a  mixed  passen- 
ger and  freight  train  over  the  fifty-one  miles  of  railroad  in 
Hyde  County,  would  be  greatly  less  than  the  ordinary  cost 
of  maintenance  of  a  freight  train  on  any  of  the  other  rail- 
roads of  the  State  for  reasons,  that,  we  believe,  will  appeal 
to  every  practical  man,  who  has  had  opportunity  for  personal 
observation  of  conditions.  But  taking  one  dollar  per  mile  as 
a  fair  estimate  it  may  be  said  that  the  total  cost  of  main- 
tenance would  be  charged  against  a  single  daily  train  and 
that  one  dollar  per  mile  will  not  pay  all  maintenance  and 
operating  expenses.  In  order  to  be  within  reason,  we  have, 
in  the  following  summary,  added  to  the  estimate  of  $1.00  per 
mile,  the  expense  of  management,  which  we  have  included 
under  the  heads  of  salary  of  president  and  general  manager, 
secretary  and  treasurer,  stenographer  and  office  supplies  and 
civil  engineer. 

Table  or  Estimated  Expenses  and  Revenue. 

Muitamuskeet  Railway  Company. 

To  operating  and  maintenance  expenses  51  miles 
railroad,  one  daily  mixed  passenger  and  freight 

train  one  year  at  $1.00  per  mile $31,824.00 

Salary  President  and  General  Manager 2,000.00 

Salary  of  Secretary  and  Treasurer 1,000.00 

Salary  of  Stenographer  and  office  supplies 1,000.00 


Prospectus  Mattamuskeet  Railway  Co.  15 

Civil  Engineer 1,200.00 

Interest  on  equipment  bonds  for  $350,000 21,000.00 

Annual  sinking  fund  for  payment  of  bonds  ....      10,000.00 

REVENUE. 

Freight  on  agricultural  products.  .,.  .$45,000.00 
Mail  service  60^  miles  at  $42.75  per 

mile 2,586.00 

Passenger  revenue 7,000.00 

Lumber  freight    12,500.00 

Incoming  freight  on  merchandise.  .  .  .  10,000.00 

Incoming  freight  on  farmers  supplies  5,000.00 
Freight  on  poultry,  eggs,  dressed  beef 

and  pork 5,000.00 

Freight  on  oysters 2,500.00 

Freight  on  fish 2,500.00 

Other  freights    3,000.00 

Estimated  annual  net  profit 27,062.00 

Total    $95,086.00  $95,086.00 

It  will  be  noted  that  the  above  estimates  and  figures  apply 
only  to  that  part  of  the  line  of  railroad  located  in 
Hyde  County,  and  as  to  that  portion  of  the  line  from  the 
county  line  at  Leechville,  1ST.  C,  to  Belhaven,  1ST.  C,  a  dis- 
tance of  about  seven  miles,  no  estimates  as  to  resources  can 
be  gathered  with  any  real  definiteness,  and  frankness  compels 
us  to  say  that  its  proximity  to  Belhaven  and  the  short  haul 
does  not  give  us  much  hope  that  this  portion  of  the  line  will 
be  self-sustaining  for  the  first  two  or  three  years  of  operation. 
We  have  estimated  that  the  cost  of  operation  for  this  portion 
of  the  line  will  be  about  $4,168  per  annum.  The  area  of 
improved  and  developed  territory,  as  well  as  that  capable  of 
being  made  agriculturally  profitable,  is  about  four  miles  wide, 
extending  about  two  miles  on  either  side  of  the  road.  About 
one-third  of  this  area  has  been  cleared  and  developed  and  h 


10  Prospectus  Mattamuskeet  liailway  Co. 

a  tine  trucking  section,  and  also  produces  abundant  staple 
crops.  There  is  much  timber  on  the  unimproved  portion 
that  will  necessarily  be  hauled  over  our  line,  and  we  may 
reasonably  expect  that  this  portion  of  the  line  will  pay  at 
least  one-half  of  the  expenses  of  operation  from  the  begin- 
ning. Deducting  the  excess  of  operating  expenses  over  the 
revenue  for  this  portion  of  the  road,  from  the  estimated  net 
profit  in  the  above  table  of  resources  and  expenses,  and  we 
can  still  reasonably  expect  an  annual  net  profit  of  $22,392. 

Nothing  has  been  said  in  the  foregoing  argument  about  the 
possibilities  of  a  profitable  business  that  would  be  brought  to 
the  railroad  from  that  portion  of  Tyrrell  County  lying  along 
the  west  bank  of  the  Alligator  River,  which  will  be  brought 
up  the  river  to  the  road  at  its  terminus  at  Fairfield,  for  the 
reason  that  this  territory  is  at  present  served  by  the  steamer 
"Alma,"  but  when  it  is  considered  that  the  products  of  this 
ideal  trucking  section  will  naturally  seek  the  transportation 
that  offers  the  greatest  expedition  and  that  much  passenger 
revenue  can  be  reasonably  counted  on  from  this  territory,  be- 
cause of  the  cheaper  rates  and  quicker  transportation,  it  will 
be  seen  that  a  profitable  business  from  this  territory  is  only 
a  question  of  time. 

There  is  very  little  doubt  that  the  most  profitable  enter- 
prise in  all  the  territory  to  be  affected  by  this  project  is  the 
Fairfield  and  Elizabeth  City  Transportation  Company, 
served  by  the  steamer  "Alma"  between  Fairfield,  N.  C,  and 
Elizabeth  City,  BT.  C. 

In  the  foregoing  estimates  no  particular  emphasis  has  been 
given  to  the  possibilities  for  traffic  from  the  line  of  banks 
represented  by  a  portion  of  Portsmouth  Island  and  the  islands 
of  Ocracoke  and  Hatteras  up  as  far  as  New  Inlet.  At  pres- 
ent this  territory  is  served  by  sail  vessels  and  gas  boats,  which 
the  fishing  companies  find  it  necessary  to  utilize  in.  securing 
the  abundant  variety  of  sea  and  sound  products  in  this  terri- 
tory.    All  the   sound  or  western  shore  of  these  islands  is 


Prospectus  Mattamuskeet  Railway  Co.  17 

splendid  in  possibilities  for  oyster  culture,  the  trade  in  which 
product  is  already  extensive.  All  the  eastern  or  ocean  shore 
of  these  islands  is  fine  fishing  territory.  With  transporta- 
tion facilities  the  menhaden  and  porpoise  factories  would  be 
revived  and  the  production  of  oil,  porpoise  leather  and  ferti- 
lizers would  add  greatly  to  the  revenue  of  our  road,  which  will 
be  the  only  one  offering  facilities  calculated  to  revive  the 
leather,  oil  and  fertilizer  industries  that  promised  much  at 
one  time. 

In  all  this  territory  the  United  States  government  spends 
many  thousands  of  dollars  annually  for  the  support  of  its  life- 
saving  and  light-house  service.  Profitable  mercantile  busi- 
ness is  carried  on  at  a  dozen  or  more  points,  and  it  will  only 
be  necessary  to  instance  the  fact  that  the  town  of  Ocracoke 
alone  gives  profitable  employment  to  two  large  sail  vessels, 
which  are  required  to  carry  the  mercantile  products.  The 
town  of  Ocracoke  is  served  also  by  a  daily  line  of  gas  boats, 
which  carry  the  mails  from  Morehead  City  and,  incidentally, 
do  a  large  business  in  the  lighter  freights  peculiar  to  this 
territory. 

It  has  been  impossible  to  gather  statistics  as  to  the  amouut 
of  business  emanating  from  the  towns  of  Portsmouth,  Hat- 
teras,  Frisco,  Bnxton,  Avon,  Salvo  and  Eodanthe,  but  the 
following  table  of  distances  from  these  points  and  the  island 
of  Ocracoke  to  Washington,  Norfolk  and  Belhaven  will  show 
how  this  territory  will  be  served  by  The  Mattamuskeet  Pail- 
way  Company  and  how  this  Company  will  offer  facilities  so 
much  superior  to  those  offered  by  any  other  transportation 
line  that  there  can  be  no  question  of  its  being  able  to  com- 
mand and  hold  this  territory. 


18 


Prospectus  Mattamuskeet  Railway  Co. 


From— 

To— 

Via— 

3 

It 

C)  OS 

S  >, 

.2-° 

o 
a 
a 

Q 

O 

e 

Miles. 

Miles. 

Miles. 

Washington  .  .  . 

Beaufort  ... 

44 

74 

118 

Vandcniere 

40 

33 

73 

.. 

.. 

70 
28 

70 

» 

Swan  Quarter.. 

55 

83 

.< 

Norfolk  ...  _. 

Vandemere   .. 
Swan  Quarter  _ 

40 
28 

169 
148 

209 

" 

176 

■i 

Washington ...    . 

144 

48 

144 

Ocracoke 

Beaufort 

74 

122 

Vandemere  _    

42 

33 

75 

.. 

<■ 

71 

28 

71 

" 

Swan  Quarter 

55 

83 

.. 

Norfolk 

Vandemere  .    .      . 
Swan  Quarter 

42 

28 

169 

148 

211 

» 

176 

.. 

Water.         

141 

63 

141 

Beaufort          .    . 

74 

137 

Vandemere       .    .. 

60 

33 

93 

„ 

>■ 

Water         .    

83 
37 

83 

« 

Swan  Quarter  ._ 

55 

92 

.. 

Norfolk 

Vandemere. 
Swan  Quarter  _.  .. 

60 
37 

169 
148 

229 

« 

185 

., 

Washington ._ 

123 
71 

123 

74 

145 

Vandemere .. 

62 

33 

95 

., 

: 

Water 

88 
39 

88 

« 

Swan  Quarter 

55 

94 

.< 

Norfolk _    . 

Vandemere   . 
Swan  Quarter  .  _  . 

62 
39 

169 
148 

231 

« 

187 

ii 

Washington 

117 
70 
95 
34 

117 

Vandemere  . 

33 

103 

95 

,, 

78 

112 

l( 

Norfolk  __  __  _. 

Vandemere 

70 
34 

169 
171 

239 

,, 

205 

„ 

•' 

Water 

130 

130 

Prospectus  Mattamuskcet  Railway  Co. 


19 


From— 

To— 

Via— 

8| 

Hi  3 

Q 

o:3 
CM 

Total 
Distance. 

Washington 
Norfolk        _      __. 

Vandemere        .    . 
Water 

Miles. 

71 

95 

32 

71 

32 
123 

78 
100 

31 

78 

31 
109 

79 
102 

32 

79 

32 
103 

Miles. 
c3 

Miles. 
104 

95 

,, 

78 
169 
171 

110 

„ 

Vandemere  _ 

240 

,, 

Washington 
Norfolk..      . 

203 

,. 

Water 

123 

Salvo --  _  _ 

Vandemere        .    . 
Water 

33 

111 

100 

,, 

Engelhard  . 

78 
169 
171 

109 

u 

Vandemere  .. 

247 

„ 

Washington  _ 
Norfolk 

202 

„ 

Water 

109 

Rodanthe 

Vandemere ..    .    . 
Water                  _  _ 

33 

112 
102 

" 

Engelhard 
Vandemere 
Engelhard 

78 
169 
171 

110 

248 

" 

203 
103 

It  may  be  argued  that  it  will  take  some  time  for  a  railroad 
to  succeed  in  controlling  the  transportation  of  agricultural 
products,  because  of  fact,  that  steamboats  have  never  been 
able  to  successfully  compete  with  the  sail  vessels  for  this 
traffic. 

It  may  be  said,  without  fear  of  successful  contradiction, 
that  the  sail  boats  can  not  maintain  themselves  and  carry 
grain  for  less  than  three  cents  per  bushel  from  any  port  in 
Hyde  County  to  any  market  that  is  easily  accessible  to  that 
class  of  vessels,  except  from  the  ports  of  Currituck  Township 
to  Belhaven,  N.  C.  In  nearly  every  instance  the  grain  crops 
and  all  other  agricultural  products  have  to  be  hauled  many 
miles  to  reach  a  shipping  point,  and  the  last  mile  is  usually 


20  Prospectus  Mattamnskeet  Bailway  Co. 

over  low,  swampy  roads  that  add  greatly,  in  wear  and  tear  to 
vehicles  and  strain  on  team,  to  the  expense  of  transportation. 
After  they  have  reached  water,  owing  to  lack  of  wharfage 
facilities,  most  of  this  grain  has  to  be  lightered  in  smaller 
boats  before  loading  on  the  larger  vessels.  This  cost  of 
lightering  is  usually  one  cent  per  bushel  on  grain  and  a  pro- 
portionate rate  on  other  products. 

The  Mattamuskeet  railway,  from  its  terminus  at  Fairfield 
to  the  county  line  at  Leechville,  traverses  the  best  farming 

section  of  the  county  actually  touching farms,  many 

of  which  it  splits  in  half.  In  no  part  of  the  county  is  any  of 
the  agricultural  territory  more  than  four  miles  from  the  rail- 
road, except  a  very  small  portion  of  Currituck  Township. 
The  truth  of  this  statement  is  manifest  from  an  examination 
of  the  accompanying  map. 

No  sane  farmer  is  going  to  pay  tribute  to  one  method  of 
transportation  where  the  expense  and  time  will  increase  the 
transportation  tariff  on  his  produce  as  much  as  one-third  or 
one-fourth,  as  well  as  add  to  his  inconvenience  by  loss  of  time 
due  to  increased  haul,  as  well  as  additional  expenses  for 
maintenance  of  team  and  vehicles.  Again  a  sail  vessel  is  an 
expensivve  proposition  to  keep  in  a  state  of  repair  and  sea- 
worthiness for  transportation,  and  often  this  class  of  vessel  is 
allowed  to  decay  and  are  rapidly  put  out  of  commission. 

The  building  of  the  railroad  will  undoubtedly  retire,  with- 
in very  short  time,  all  the  oldest  and  least  seaworthy  of 
these  vessels ;  the  others  will  find  profitable  business,  as  long 
as  they  last,  in  bringing  produce  to  the  railroad  from  other 
territory,  to  wit,  the  islands  of  Ocracoke,  Portsmouth,  Hat- 
teras  and  points  on  Pamlico  and  Neuse  rivers,  that  are  not 
closer  to  a  railroad  than  to  Belhaven  and  Swan  Quarter.  An- 
other resource  for  occupation  for  these  vessels  is  the  oyster 
industry,  in  which,  even  now,  most  of  them  are  engaged ; 
especially  during  seasons  where  there  have  been  failures  of 
crops.     It  is  no  uncommon  sight  during  the  oyster  season  to 


Prospectus  Mattamuskeet  Railway  Co.  21 

see  from  40  to  60  of  these  vessels  in  Swan  Quarter  Bay  for 
harbor  and  rest  on  Sunday,  nearly  as  many  more  find  harbor 
at  Far  Creek. 

While  it  is  by  no  means  certain,  or  to  be  desired,  that  the 
railroad  will  drive  this  class  of  vessels  out  of  business,  it  is 
obvious,  from  a  study  of  conditions,  that  they  could  not  suc- 
cessfully compete  with  the  railroad  for  transportation  of 
agricultural  products. 

OTHER  RESOURCES  AND  PROSPECTS. 

Reserving  any  estimates  on  possibilities  of  developments  of 
fish  and  oyster  trade  for  another  chapter,  attention  is  called 
to  the  value  of  Hyde  County  territory  to  a  railroad  company 
as  a  trucking  area.  Hyde  County  and  the  lower  part  of 
Tyrell  can,  owing  to  the  higher  temperatures,  caused  by  sur- 
rounding waters,  market  potatoes,  peas,  kale,  lettuce,  beans, 
cucumbers  and  nearly  every  other  garden  product  from  five 
to  ten  days  earlier  than  any  other  territory  in  North  Carolina 
of  the  same  latitude.  Its  soil  is  specially  adapted  to  the  pro- 
duction of  these  products  and  the  only  reason  it  has  not  been 
developed  as  a  trucking  territory  has  been  lack  of  quick  and 
certain  transportation.  The  yield  per  acre  can  be-  made  as 
great  as  any  other  territory,  it  having  already  been  demon- 
strted  that  as  many  potatoes  per  acre  can  be  raised  as  any- 
where in  the  State;  that  from  four  to  five  thousand  quarts  of 
strawberries  per  acre  can  be  harvested  in  any  favorable  sea- 
son. Asparagus  grows  wild  in  Currituck  Township  and  can 
be  raised  in  the  greatest  profusion.  The  black  land  sur- 
rounding Mattamuskeet  Lake  will  produce  as  fine  celery  as 
any  in  the  world.  The  abundance  of  wild  blackberries,  blue- 
berries, dewberries,  etc.,  attest  the  value  of  this  soil  for  small 
fruits.  The  Lake  Ridge  with  a  subsoil  of  fine  white  sand  is 
especially  adapted  to  peach-growing,  the  Mattamuskeet  apple 
and  the  scuppernong  grape,  indigenous  to  Hyde  County  soil, 
are  already  justly  celebrated.     Pecans  are  being  planted  and 


22  Prospectus  Mattamuskeet  Railway  Co. 

thousands  of  small  trees  will  within  a  year  or  two,  reach  the 
bearing  stage.  One  man  in  Hyde  County  has  for  several 
seasons  sold  from  thirty-five  to  forty  dollars  worth  of  nuts 
from  one  tree,  the  selling  price  being  one  dollar  and  twenty- 
five  cents  per  peck.  There  are  valuable  cranberry  bogs  that 
will  be  utilized  and  made  very  profitable  within  a  few  years. 

The  gum  timber  in  Hyde  County  has  hardly  been  touched. 
Trapping  for  furs  has  been  found  profitable  along  the  shores 
of  Pamlico  Sound  and  its  tributaries  and  the  number  of  val- 
uable pelts  shipped  annually  from  Hyde  County  would  fur- 
nish surprising  figures. 

Mattamuskeet  Lake,  the  largest  body  of  fresh  water  in  an}' 
coast  line  State  from  Maine  to  Florida,  is  famous  for  its 
beauty  and  the  number  of  desirable  residence  sites  around  its 
border,  and,  with  some  attention  to  landscape  gardening,  can 
be  made  one  of  the  finest  winter  resorts  in  the  South.  The 
game  birds  that  resort  in  abundance  to  its  shores  add  to  its 
attractiveness  as  a  winter  resort. 

Ocracoke  Island,  the  most  picturesque  summer  resort  on 
the  Atlantic  coast,  can  be  reached  by  a  sail  of  only  twenty-five 
miles  from  Swan  Quarter,  Juniper  Bay,  Wysocking,  or  En- 
gelhard, and  the  railroad  will  put  it  twenty-five  miles  nearer 
than  it  has  ever  been  to  those  seeking  a  summer  resort. 

A  folder  illustrating  the  natural  beauties  and  conveniences 
of  Mattamuskeet  Railway  Territory,  will  be  issued  within  a 
short  time. 

HOW  THE  STATE  OF  NORTH  CAROLINA  WILL  BE 
BENEFITED  BY  THE  COMPLETION  AND  SUC- 
CESSFUL OPERATION  OF  THE  MATTAMUS- 
KEET RAILWAY  COMPANY. 

The  State  of  North  Carolina  has  not  been  niggardly  in 
providing  for  the  improvement  and  development  of  its  natu- 
ral resources  or  in  assisting  in  the  development  of  those  sec- 
tions of  the  State,  that  labor  under  disadvantages  due  to  lack 
of  transportation  facilities,  proper  drainage,  etc. 


Prospectus  Mattamusheet  Railway  Co.  23 

The  report  of  the  Corporation  Commission  for  the  year 
1907  assesses  the  value  of  the  Norfolk  and  Southern  Railroad 
in  Beaufort  County,  a  distance  of  43.41  miles,  at  $12,030.27 
per  mile,  or  a  total  of  $522,494.48.  A  similar  assessment 
on  the  G0^-  miles  of  the  Mattamuskeet  Railway  Company 
would  put  into  the  State  treasury  about  $1,800,  and  when  in 
addition  to  this,  the  State  treasury  gets  the  benefit  of  the  in- 
crease of  taxes  due  to  increased  value  of  all  kinds  of  property 
because  of  the  development  that  will  naturally  result  from  the 
operation  of  this  road,  the  additional  revenue  of  over  $3,600 
annually  to  the  State  treasury  will  more  than  pay  the  interest 
on  the  amount  already  invested  by  the  State  in  this  project. 

The  above  figures  would  seem  sufficiently  interesting  to 
guarantee  the  continued  support  by  the  State  of  this  institu- 
tion until  its  completion. 

It  is  a  current  saying  in  railroad  circles  "that  when  the 
grading  of  a  railroad  through  desirable  territory  has  been 
completed  and  the  rights-of-way  secured  without  the  creation 
of  any  large  indebtedness,  the  project's  troubles  are  over,"' 
and  that  the  necessary  capital  for  the  equipment  and  opera- 
tion will  be  forthcoming. 

It  is  the  desire  of  the  management  of  this  road  and  the  citi- 
zens directly  interested  in  it,  that  it  be  kept  separate  and  in- 
dependent of  any  other  railroad  system,  certainly  until  such 
time  as  the  road  can  be  completed  into  the  town  of  Washing- 
ton, E".  C,  and  be  in  position  to  make  an  advantageous  sale, 
lease  or  traffic  arrangement.  In  order  to  be  able  to  do  this  it 
is  very  desirable  that  the  State  should  continue  to  hold  a  ma- 
jority of  the  capital  stock  of  the  road  and  have  the  controlling 
voice  in  the  policy  and  management  of  the  same.  If  the 
State  stops  with  the  capital  stock  it  has  already  invested  in 
this  project,  the  capital  necessary  to  equip  and  begin  opera- 
tion of  same  will  have  to  be  found  elsewhere  and  the  value  of 
the  State's  interest,  when  it  ceases  to  own  a  majority  of  the 
capital  stock,  will  depend,  of  course,  on  the  honesty  of  man- 


24  Prospectus  Mattamuskeet  Railway  Co. 

agement  and  an  absolute  freedom  from  graft,  financial  jug- 
gling and  stock  watering.  It  is  within  the  power  of  the 
General  Assembly  to  so  preserve  the  State's  interest  in  this 
road  as  to  make  it  one  of  the  most  valuable  of  the.  State's 
assets.  To  do  this  the  State  would  have  to  become  the  guar- 
antor of  equipment  bonds  to  an  amount  not  less  than  $350,000 
and  not  more  than  $500,000.  These  bonds  with  the  State's 
guarantee,  can  be  easily  sold  at  a  premium,  and  we  believe, 
the  entire  amount  would  be  subscribed  for  many  times  in  the 
State  of  North  Carolina. 

A  sale  of  these  bonds  would  render  unnecessary  the  sub- 
scription to  capital  stock  of  any  amount  of  excess  of  $100,000. 

If  the  road,  after  paying  all  expenses,  interest  and  pro- 
viding for  a  sinking  fund,  will  pay  an  annual  profit  of 
$20,000,  as  we  believe  we  have  demonstrated  it  will  do,  then 
certainly  the  State  will  never  be  called  on  to  make  good  one 
cent  in  payment  of  bonds,  and  on  its  $50,000  of  stock  would 
ultimately  receive  dividends  that  would  make  it  the  best  pay- 
ing investment  and  the  most  valuable  asset  owned  by  the 
State. 

We  have  purposely  omitted  in  this  argument  to  mention  the 
many  advantages  that  will  be  afforded  to  the  State  as  well  as 
to  the  Mattamuskeet  Railway  Company  by  the  completion  of 
the  inland  waterway  now  in  process  of  construction  by  thfl 
national  government.  The  route  selected  for  this  waterway 
must  either  cross  the  line  of  the  Mattamuskeet  Railway  or 
pass  in  view  of  its  terminal  point  on  the  Pamlico  Sound,  anil 
the  facilities  afforded  by  it  for  the  shipping  of  cotton  and 
other  bulky  products  from  the  interior  of  the  State  to  northern 
and  southern  points  by  barges  must  be  evident  upon  the  most 
casual  consideration  of  the  matter,  and  will  doubtless  afWd 
considerable  revenue  to  the  Mattamuskeet  Railway  Company. 
The  subject,  however,  will  be  treated  more  at  length  ?t)  a  sub- 
sequent article. 

The  territory  to  be  served  by  the  railroad  mail  service  is 


Prospectus  Mattamushcct  Railway  Co.  25 

now  served  by  a  star  route  service  thirty-one  miles  from  Bel- 
haven  to  Swan  Quarter,  costing  the  government  about  $1,200  ; 
a  route  from  Swan  Quarter  to  Engelhard,  a  distance  of 
twenty-four  miles,  costing  about  $800,  and  a  route  from 
Swan  Quarter  to  Fairfield,  a  distance  of  eighteen  miles,  cost- 
ing about  $500.  From  the  best  estimates  Ave  have  been  able 
to  get  the  railroad  could  expect  to  receive  for  this  service  ap- 
proximately $2,586.37.  There  can  be  no  possible  doubt  that 
a  railroad  mail  service  will  displace  the  star  routes. 

The  question  will  naturally  occur  to  every  member  of  the 
Legislature : 

"What  is  there  in  this  project  to  justify  the  State  in 
pledging  its  credit  to  such  an  extent  ?" 

JNTot  only  will  a  rich  and  extensive  section  of  the  State  be 
developed  and  add  materially  to  the  resources  of  the  State, 
but  a  careful  study  of  the  accompanying  map  and  the  follow- 
ing extracts  from  expert  and  official  sources  showing  the  pos- 
sibilities of  the  development  of  the  State's  resources  to  fol- 
low the  completion  of  this  enterprise,  will  demonstrate  the 
wisdom  of  the  desired  action  on  part  of  the  General  Assembly. 

It  has  been  shown  that  the  completion  of  this  road  will 
bring  into  easy  touch  with  ready  markets  the  products  of 
twelve  hundred  square  miles  of  sound  bottom,  every  acre  of 
which  is  State  property. 

The  magnitude  and  value  of  the  State's  resources  have 
never  been  fully  understood  and  certainly  have  never  received 
the  care  and  protection  that  the  importance  of  this  asset  of  the 
State  deserves. 

The  following  extract  from  "Economic  Paper  No.  10"  on 
Oyster  Culture  in  North  Carolina,  by  Robert  E.  Coker,  is- 
sued by  the  North  Carolina  Geological  Survey,  will  be  perti- 
nent: 

"In  the  preceding  pages  the  fundamental  legislative  condi- 
tions that  seem  necessary  for  the  building  up  of  the  oyster 
planting  industry,  which  at  the  present  time  is  practically 


26  Prospectus  Mattamuslceet  Railway  Go. 

undeveloped,  have  been  indicated  and  briefly  discussed.  The 
cultivation  of  the  oyster  offers  employment  and  profits  to  in- 
dividuals who  will  undertake  planting;  it  will  be  not  only  a 
source  of  direct  revenue  to  the  State,  but  indirectly,  through 
the  resulting  increase  of  taxable  properties,  should  cause  a 
large  revenue.  During  the  past  year,  1904,  there  has  been 
more  oyster  planting  than  during  any  recent  year,  and  this  is 
to  be  attributed  in  considerable  measure  to  the  results  of  the 
investigations  that  have  been  carried  on  by  the  North  Caro- 
lina Geological  Survey  in  conjunction  with  the  United  States 
Bureau  of  Fisheries.  There  are  other  persons  interested 
in  the  cultivation  of  the  oyster,  who  would  plant  if  they  could 
be  assured  of  an  incontestable  title  to  the  bottoms  that  they 
leased  from  the  State.  At  no  time  in  the  history  of  the  State 
has  there  been  such  a  good  opportunity  as  at  the  present  time 
for  the  building  up  of  a  remunerative  industry  in  the  culti- 
vation of  the  oyster;  and  with  proper  legislation,  this  indus- 
try should,  within  the  next  few  years,  become  a  profitable 
business  throughout  many  districts  along  the  coast  of  North 
Carolina." 

The  following  extract  from  report  of  Hon.  B.  C.  Beckwith, 
Chairman  of  State  Board  of  Internal  Improvements,  is  wor- 
thy of  careful  consideration : 

MATTAMUSKEET  RAILWAY  COMPANY. 

"The  State  holds  stock  in  this  company  of  the  par  value  of 
thirty-three  thousand  dollars,  at  this  time,  issued  to  the  State, 
under  an  act  of  the  General  Assembly,  chapter  .  .  .  . ,  Laws  of 
1907,  in  payment  of  labor  of  convicts,  averaging  about  sev- 
enty in  number,  employed  on  this  work  from  August  14, 
1907.  The  work  of  grading  this  road  goes  steadily  on.  Be- 
ginning at  Fairfield,  in  the  county  of  Hyde,  on  the  north  side 
of  Mattamuskeet  Lake,  around  the  east  and  south  sides  of 
said  lake,  through  the  towns  of  Englehard,  Middleton,  Wy- 
socking,  Juniper  Bay,   Swan  Quarter,  Rose  Bay,  Scranton 


Prospectus  Mattamuskeet  Railway  Co.  21 

and  Lynchville,  about  forty-five  miles  of  roadbed  have  been 
graded  towards  the  proposed  terminus  at  Belhav<  n,  in  the 
county  of  Beaufort,  a  town  of  some  three  thousand,  five  hun- 
dred inhabitants.  As  surveyed  and  graded,  the  road  passes 
through  one  of  the  most,  if  not  the  most  fertile  farming  sec- 
tions of  this  country,  and  as  it  will  when  completed,  put 
Hyde  County  in  touch  with  the  world  at  Belhaven,  and,  over 
the  Norfolk  and  Southern  Railroad,  in  close  physical  touch 
with  the  great  markets  of  the  country ;  and  as  the  road,  when 
completed,  would  furnish  an  easy  and  speedy  outlet  for  the 
rich  agricultural  resources  of  Hyde  County  and  the  Eastern 
portion  of  the  county  of  Beaufort ;  also  quick  and  prompt 
transportation  for  the  great  and  various  products  of  Pamlico 
Sound  and  its  tributaries,  and  will  aid  greatly  in  developing 
the  vast  trucking  interests  of  Eastern  Xorth  Carolina,  we  are 
of  the  opinion  that  the  interest  of  the  State  in  said  road 
demands  that  the  General  Assembly  should  so  amend  the 
charter  of  said  railroad  company  as  to  more  perfectly  safe- 
guard the  interest  of  the  State  in  the  same ;  and,  when  this 
shall  have  been  done,  should  extend  to  said  company  such 
financial  aid,  on  part  of  the  State,  as  will  insure  the  com- 
pletion of  said  road  to  Belhaven  or  to  Washington,  Xorth 
Carolina,  and  equipment  of  the  same. 

"Our  opinion  is,  that  the  interest  of  the  State  in  this  road, 
and  the  general  good  to  be  promoted  by  development  of  the 
vast  resources  of  the  section  traversed  by  and  adjacent  to 
this  road  will  justify  such  aid  as  the  General  Assembly  may 
see  fit  to  render." 


Microfilmed 
SOLINET/ASERL  PROJECT 


